FEC approves second phase of national sugar master plan to attract investment in sector

The Federal Executive Council (FEC) has approved the second phase of the national sugar master plan (NSMP).

FEC gave the approval on Wednesday in a meeting presided over by President Muhammadu Buhari in Abuja.

Briefing journalists after the council’s meeting, Niyi Adebayo, minister of industry, trade and investment, said the approval extended the plan by an additional 10 years.

He said the first phase, which was inaugurated in 2012, would expire by 2023.

Adebayo said investments in national sugar policy was aimed at stimulating self-sufficiency in the commodity,  adding that no fewer than 15,000 jobs have been created through key players in the industry.

“Today, my ministry brought a memo seeking council’s approval for the second phase of the national sugar master plan. In 2012, the first phase of the sugar master plan was approved lasting from 2012 to 2022,” he said.

“Today, council approved the extension from 2023 to 2033. That’s for another 10 years. And the whole idea of the sugar master plan is for the development of the sugar industry, in their self-sufficiency in sugar production. 

“The plan has several policy measures or fiscal incentives to stimulate demand and attract private sector investment in the sugar industry. And part of the benefits of the sugar master plan is the local production of sugar. 

“We have under phase one, four major investors, investing in the industry. These are Dangote Sugar, BUA Sugar, Golden Sugar Company which is, Flour Mills, Care Africa Group which bought the Baccita sugar mill. 

“They have jointly created 15,000 jobs, and they have over about 200,000 hectares of land that has been acquired for the production of sugarcane to enable them produce sugar locally. So council approved phase two of the national sugar master plan.”